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Thread: Good sales at residential, industrial launches

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    Default Good sales at residential, industrial launches

    [url]http://www.businesstimes.com.sg/sub/suite/story/0,4574,440207,00.html?[/url]

    Published May 24, 2011

    [B][SIZE="5"]Good sales at residential, industrial launches[/SIZE][/B]

    [B]MCL Land sells 150 units in Hougang condo; Pasir Ris EC gets good response[/B]

    By KALPANA RASHIWALA


    (SINGAPORE) Residential and industrial projects that are affordably priced continue to draw good demand.

    MCL Land has sold 150 of the 200 units it has released at its 414-unit Terrasse condo in Hougang.

    'Before we began sales last Saturday (May 21), we had intended to release only 120 units initially. But because demand was strong, we released another 80,' said MCL chief executive Koh Teck Chuan. The average price for the 99-year leasehold, five-storey development is $950 psf. The cheapest unit in the project costs $580,000 for a 506 sq ft one-bedroom unit on the second floor, which works out to $1,146 psf.

    The development also has two to four bedders as well as nine five-bedroom penthouses of about 2,217 sq ft each costing up to $1.85 million ($834 psf). MCL has released four of the five-bedroom penthouses, of which two have been sold. The developer has yet to release 15 garden duplex units of about 2,490 sq ft each spread over the ground and basement levels.

    'At most recent launches in the market, enquiries tend to be concentrated on the smallest units, but for Terrasse, we've seen strong response across the board, including our four-bedders and five-bedroom penthouses,' said Mr Koh.

    About 90 per cent of Terrasse buyers are Singaporeans and permanent residents. Sixty per cent of buyers have HDB addresses, many of them within three to five kilometres of the project.

    The project's design affords views of either a water feature or swimming pool for nearly 80 per cent of the units.

    The project will include a tennis court, a multipurpose court as well as three clubhouses.

    Meanwhile, NTUC Choice Homes and CEL Development received 520 e-applications for Belysa, their 315-unit executive condominium (EC) project at Pasir Ris Drive 1/Elias Road, when applications closed yesterday evening. Applications began last Friday. Sales bookings will begin from 10 am tomorrow. The 99-year leasehold project is priced at an average of $670 psf and comprises only three and four bedroom apartments. The indicative price of an 829 sq ft, three-bedder starts from $574,000 while a 1,335-sq ft four-bedroom unit starts from $882,000.

    Entry to the sales gallery tomorrow for sales booking will be by balloting.

    In the industrial property market, brisk sales were seen at the preview for the 60-year leasehold North Spring BizHub at Yishun Industrial Street 1 which began yesterday.

    About a third of the 454 units in the seven-storey light and general industrial development were sold or committed by the end of yesterday, BT understands. Buyers are said to include a mix of end users, long-term investors as well as speculators.

    The affordable lumpsum deal size was a key reason for strong demand. For instance, prices start from $478,000 for a 1,539 sq ft unit (around $311 psf). The project's attractive specifications, such as high floor-to-ceiling heights and direct vehicular access to every level for up to 40-foot containers, also drew buyers.

    The development is being marketed by Colliers International. The smaller units, mostly around 1,500-1,600 sq ft, are priced from $311 psf upwards. There are also about two dozen or so large units (of around 11,000 to 36,000 sq ft), with prices of around $210 psf upwards.

    Separately, Colliers is seeking a tenant for a proposed built-to-suit industrial development at 243 Alexandra Road that will be developed by the Le Mercier Group. The proposed six-storey project will have a gross floor area of 35,942 sq ft and the owner is expecting an average monthly rental of $6.50 psf.

    This is one of the few untapped plots along Alexandra Road that would cater to businesses that require visible showroom presence such as cars, high-end kitchen and bathroom fittings/equipment, furniture as well as lighting and fittings, said Colliers. Le Mercier is said to be keen on issuing a long-term lease for the proposed project with specifications tailored to the tenant's needs.

    Currently on the site is a four-storey industrial property leased to a single tenant whose lease expires in February 2012, although this can be terminated earlier.

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    Default More than 150 units of Terrasse condo sold

    [url]http://www.straitstimes.com/Money/Story/STIStory_671924.html[/url]

    May 24, 2011

    [B][SIZE="5"]More than 150 units of Terrasse condo sold[/SIZE][/B]

    By Esther Teo, Property Reporter



    ENCOURAGING home sales continued over the weekend with MCL Land's Terrasse in Hougang finding buyers for more than 150 apartments.

    The homes at the 414-unit project in Hougang Avenue 2, whose preview started on Saturday, were sold at an average price of $950 per sq ft (psf).

    The 99-year leasehold project has homes ranging from 506 sq ft one-bedders to five-bedroom penthouses of about 2,210 sq ft. Ground-level garden duplexes have yet to be released.

    The Straits Times understands that a one-bedder will start from $580,000 while a five-bedroom penthouse will start from $1.85 million.

    All unit types received even interest, with 90 per cent of the buyers locals and permanent residents. The rest were foreigners from countries including Malaysia and China.

    Far East Organization also saw 30 units across its properties snapped up by home buyers last week, excluding sales at Eight Courtyards in Yishun.

    Its Waterfront collection in Bedok Reservoir - Waterfront Isle, Waterfront Key and Waterfront Gold - sold 15 units in total while The Greenwood and Suncottages sold two units each.

    Woodhaven in Woodlands and Seastrand in Pasir Ris will start sales in the first and second half of next month respectively, The Straits Times understands. Online marketing material suggests Seastrand prices will start from $850 psf. Woodhaven's average price will range from $900 to $1,000 psf. These prices do not factor in any possible early bird preview discounts.

    On the public housing front, this year's first executive condo launch, Belysa in Pasir Ris, had attracted 520 e-applications as of 8.30pm yesterday. This is about 1.7 times the number of units in the 315-unit project at the junction of Pasir Ris Drive 1 and Elias Road, which experts say is a healthy figure.

    Belysa - illumination in Swedish - will offer only three- and four-bedroom apartments to cater to three-generational living. Priced at an average of $670 psf, the indicative price of an 829 sq ft three-bedder starts from $574,000 while a 1,335 sq ft four-bedder starts from $882,000. Sales bookings for units will start tomorrow.

    Experts say buying interest is still healthy for projects that are reasonably priced and in a good location.

    PropNex chief executive Mohamed Ismail said buyers have begun to accept that prices - especially in mature estates, even in suburban areas - can be about $1,000 psf. 'This demand is coming from owner-occupiers and mid- to long-term investors... There is also a good number of HDB upgraders in the market,' he added.

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